India, Finland agree to explore new areas of trade cooperation

Published: Friday, February 6, 2009, 16:22 [IST]

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New Delhi, Feb 6 (ANI): Union Minister of Commerce and Industry Kamal Nath and Finland Minister for Foreign Trade and Development Dr. Paavo Vayrynen today agreed to encourage businesses to explore new areas and sectors to widen and deepen the trade basket between the two nation.

Both sides felt that mutual trade and investment between Finland and India is growing and there is lot of potential for developing these economic relations further.

Interacting with the Finnish Minister, Nath said that India has a vibrant SME sector and engagement by SMEs on both sides would strengthen the foundations of trade relationship.

Both the Ministers agreed on a need for fast results in the World Trade Organisation (WTO) Doha Round, especially in the current international economic situation.

Nath emphasised that India would remain committed to engage constructively to reach a fair and balanced outcome of the Doha WTO negotiations.

India-Finland bilateral trade has more than doubled from 533 million dollars in 2004-05 to 1165 million dollars during 2007.08.

Major exports to Finland are - RMG cotton, manufactures of metals, drugs and pharmaceuticals, coffee, transport equipments while major imports from Finland are electronic goods, computer software, iron and steel, paper board. (ANI)